Transactions & Cases Detail
Slate Canadian Real Estate Opportunity Fund I announces C$1.14B portfolio acquisition from Cominar REIT
Real Property / Construction
1.14 Billion CAD
On December 18, 2017, The Slate Canadian Real Estate Opportunity Fund I (the “Fund”) announced that Slate Acquisitions Inc. on behalf of the Fund, agreed to purchase a portfolio of real estate assets (the “Portfolio”) from Cominar Real Estate Investment Trust. The Fund is a closed-end private equity vehicle managed by Slate Asset Management L.P. with a strategy to acquire commercial real estate through complex portfolio acquisitions, cyclical investing and/or asset repositioning opportunities. This deal is significant because it is the largest REIT portfolio acquisition in Canada this year.
The Portfolio includes 97 assets totaling 6.2 million square feet comprised of office, retail and industrial properties located in the Greater Toronto Area, Atlantic Canada and Western Canada.
Closing of the transaction remains subject to customary closing conditions including regulatory approvals, and is expected by the end of March 2018.
Slate Asset Management L.P. is a leading real estate investment platform with over C$4.5 billion in assets under management. Slate is headquartered in Toronto.
McCarthy Tétrault LLP is advising Slate with a team led by Jonathan See, John Currie and Isabel Henkelman.